Recently, More Money 4U offered an annuity that pays 5.7% compounded monthly. If $2,072 is deposited into this annuity every month, how much is in the account after 8 years? How much of this is interest?
Added by Michael S.
Step 1
Since the annuity is compounded monthly and there are 12 months in a year, the total number of compounding periods over 8 years is 8 * 12 = 96. Show more…
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